USDA Report Leads to Decline in Grain and Soybean Futures

Following the USDA’s announcement of increased wheat stockpiles and raised corn production forecasts, grain and soybean futures saw a decline. Wheat futures dropped to $5.34 a bushel, while corn futures fell to $4.09¼ a bushel and soybean futures decreased to $10.48¼ a bushel. Speculators increased bearish positions in corn and soybeans, with money managers raising their bearish bets on soybeans.